CHICAGO, Feb. 3, 2011 /PRNewswire-USNewswire/ -- National Equity Fund, Inc. (NEF) announced preliminary 2010 results that include $835 million in Low Income Housing Tax Credit (LIHTC) equity investments, a record for the 23-year-old tax credit syndicator.
NEF's 2010 activity includes support for 105 affordable housing projects that are developing some 6,100 units of housing and generating an estimated 11,500 local jobs, both temporary and permanent. What's more, the strong production year allowed NEF to make a $7.8 million grant to its parent, the Local Initiatives Support Corporation (LISC), as part of its annual program to help LISC stimulate revitalization in disadvantaged neighborhoods.
Since its founding in 1987, NEF has invested $8.8 billion in 2,022 projects providing 121,720 units of affordable housing, while providing $105 million in community development capital to LISC.
"2010 was an amazing year for NEF," noted Joe Hagan. "We raised a tremendous amount of equity, and we were able to support a range of projects meeting the needs of low-income families and at-risk individuals all over the country," he said.
"Our recent production is particularly important given where the market has been over the last few years," Hagan continued. "It means that more high-quality housing will be available to families hit hard by the economic downturn. And it also speaks to the health of our organization," he said. "I am encouraged by our ability not just to be innovative and productive through the market contraction, but to significantly grow our investment portfolio and our net worth."
Hagan also noted how important it is for NEF to have kicked off 2011 with a strong pipeline of secured deals that are slated to close in the first few months of the year. "If this market is characterized by anything it is uncertainty," he said. "Conditions have been shifting rapidly, and may yet do so again. Our experience has told us that having a lean organization, a rational approach to underwriting, a keen understanding of our partners' needs and an equal focus on productivity and service are critical. As we look at 2011, we are highly confident on all of those fronts."
National Equity Fund, Inc. (NEF) is a nonprofit Chicago-based affiliate of the Local Initiatives Support Corporation (LISC) and the nation's largest syndicator of Low Income Housing Tax Credits. Since 1987, NEF has invested more than $8.8 billion in more than 2,000 LIHTC projects that have built and preserved nearly 122,000 homes affordable to low-income families and individuals. For more information, visit www.nefinc.org or www.lisc.org.
SOURCE National Equity Fund, Inc.